Covid-19 vaccine development is witnessing higher pace due to rise in number of patients across the globe and high mortality rate. Manufacturers are focused on development of various solutions such as antiviral medicine, plasma therapy, and immunotherapy for the treatment of virus.
Gradual increase in number of covid-19 patients across the globe and increasing investment by major players for the development of advanced vaccines are major factors expected to drive the growth of global covid-19 vaccine market. Covid-19 virus is affecting people in different ways; most common symptoms witnessed are fever, dry cough, and tiredness. Rise in mortality due to unanticipated virus event, the government of developed and developing countries are investing high for the R&D activities and development of vaccines in order to control the situation this is expected to impact the growth of covid-19 vaccine market. In 2020, the government of US announced an investment of US$ 1.6 Bn to support pharmaceutical company Novavax in the development of 100 million doses of a Covid-19 vaccine by early 2021. In addition, Finance Minister of India announced US$ 9 Bn funding for vaccine research in the country.
The minister clarified the funding will only be for research and development of COVID-19 vaccine. The US$ 9 Bn provided for COVID Suraksha Mission for research and development of the Indian COVID vaccine to the Department of Biotechnology. Collaborative work approach by the government and public players in order to strengthen the vaccine R&D is another factor expected to augment the growth of covid-19 vaccine market. In 2020, Johnson & Johnson a medical product manufacturing company announced the plans to team up with the US government to invest more than US$1 Bn in a new vaccine against COVID-19.
With the rising pandemic effect and time consuming process of vaccine development, the government is inclining towards providing emergency approval to manufacturer this preventive measure step is expected to boost the covid-19 vaccine market growth.
In 2020, Pfizer-BioNTech a drug manufacturing company received emergency approval from the Food and Drug Administration (FDA) for use the use of their vaccine in people 16 years and older. Emergency approval of the vaccine gives the United States another tool for reversing the surge in COVID-19 cases and deaths.
In 2020, Bharat Biotech an India Drug manufacturing company received emergency use authorization for Covid-19 vaccine Covaxin. Covaxin is being indigenously developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR).
Factors such as high cost associated with R&D and side effects of vaccines are expected to hamper the growth of global covid-19 vaccine market. European countries such as Denmark, Iceland and Norway have suspended the use of AstraZeneca's COVID-19 vaccine after reports of blood clots among some people who had received the inoculation.
In addition, lack of awareness among consumers related to vaccine intake is expected to challenge the growth of target market. However, growing number of phase-3 clinical trial actions by the major players and increasing awareness activities by the government related to covid-19 vaccine are factors expected to create new opportunities for players operating in the covid-19 vaccine market over the forecast period. In addition, increasing partnership and agreements between regional and international players for introduction of novel products is expected to support the revenue transaction of the target market.
Segment Analysis by Region
The market in Asia Pacific is expected to account for a major revenue share in the global covid-19 vaccine market due to increasing government spending on the development of healthcare infrastructure. In addition, increasing investment by major players and developing healthcare regulatory scenarios are factors expected to support the growth of the target market. Increasing medical tourism in emerging economies and manufacturers approach towards strategic partnership for factors expected to boost the growth of the covid-19 vaccine regional market.
The global covid-19 vaccine market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Covid-19 Vaccine Market Segment Analysis, 2019
The global covid-19 vaccine market is segmented into product type, application, and end-use. The product type is segmented into Covishield, Covaxin, BNT162b2, mRNA-1273, JNJ-78436735, Sputnik V, Covi-Vac, and others. Among product types, the Covishield segment is expected to account for a noticeable revenue share in the global covid-19 vaccine market. The end-use segment is divided into hospitals and clinics. Among the end-use, the hospital segment is expected to account for major revenue share in the global market. The players profiled in the report are Pfizer, Inc., ModernaTX, Inc., Janssen Pharmaceuticals Company, AstraZeneca, Novavax, Bharat Biotech, Gamaleya Research Institute, Chumakov, Vector State Research Center, and CNBG Beijing.
Market By Product Type
Market By Application
Market By End Use
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Gradual increase in number of covid-19 patients across the globe and increasing investment by major players for development of advanced vaccine are major factors expected to drive the growth of global covid-19 vaccine market.
In product type the Covishield segment is growing at faster pace.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Pfizer, Inc., ModernaTX, Inc., Janssen Pharmaceuticals Company, AstraZeneca, Novavax, and Bharat Biotech.
The Asia Pacific is expected to account for major revenue share in the global market.
In end use the hospital segment is growing at faster pace.
Factors such as high cost associated to R&D and side effects of vaccines are expected to hamper the growth of global covid-19 vaccine market.